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CRSS ANNOUNCES FOURTH QUARTER AND YEAR-END EARNINGS

 HOUSTON, Aug. 10 /PRNewswire/ -- CRSS Inc. (NYSE: CRX) today announced consolidated operating results for the fourth quarter and fiscal year ended June 30, 1993.
 Earnings from continuing operations for the three months ended June 30, 1993 were $1.4 million, or $0.11 per share, on $65.9 million in operating revenues. This compares with a loss from continuing operations of $5.1 million ($0.39 per share) and $59.0 million in operating revenues for the final quarter of the prior fiscal year. The fourth quarter fiscal 1992 loss included a special after-tax charge of $5.3 million ($0.40 per share) related to the cost reduction program announced in August 1992.
 Earnings from continuing operations for the year ended June 30, 1993 totaled $3.1 million, or $0.24 per share, on $248.1 million in operating revenues, vs. a loss from continuing operations of $1.1 million ($0.08 per share) on $242.4 million in operating revenues for the prior fiscal year. The fiscal year 1992 loss includes the special after-tax charge of $5.3 million ($0.40 per share), related to the cost reduction program noted above.
 Operating revenue backlog at June 30, 1993 totaled $190.4 million, vs. $182.8 million at March 31, 1993 and $175.2 million at June 30, 1992. Gross revenue backlog at June 30, 1993 totaled $536.6 million, vs. $586.2 million at March 31, 1993 and $465.7 million at June 30, 1992.
 Commenting on the results, Bruce Wilkinson, chairman and chief executive officer, stated, "We are pleased with the continuing trend of earnings from continuing operations, which illustrates the efficiencies resulting from our cost reduction program and the growing contribution of our independent power subsidiary, CRSS Capital. This represents the third consecutive increase in quarterly earnings from continuing operations as well as the fifth consecutive quarterly increase in operating revenue backlog."
 As announced June 14, 1993, CRSS has elected early adoption of three new standards related to the accounting for postretirement benefits, income tax accounting and postemployment benefits (SFAS 106,109 and 112). Adoption of these new accounting standards is reflected as a $8.6 million ($0.65 per share) cumulative effect of changes in accounting principles. This non-cash charge, when combined with the earnings from continuing operations, results in a net loss for the fiscal year 1993 of $5.4 million ($0.41 per share).
 Wilkinson added, "CRSS Services ended the fiscal year with a strong level of operating revenue backlog and continued opportunities for growth, primarily in the semiconductor and power markets. CRSS Capital achieved yet another record year and contributed significantly to the company's consolidated earnings. CRSS Capital's fiscal year 1993 milestones included the financial closing of its second industrial project, achievement of commercial operations at the Naheola facility in Alabama, and selection by the Bonneville Power Administration for its Resource Option Program."
 Regarding the outlook for CRSS, WIlkinson stated, "We believe the steps we have taken, including our cost reduction program, have positioned CRSS Services for continued growth. We remain very excited about the significant growth opportunities for CRSS Capital. CRSS Capital currently oversees energy assets representing an investment exceeding $823 million, producing 1,340 megawatts of energy for utility and industrial customers, which is equivalent to the electricity requirements of over 1,000,000 homes."
 CRSS, through its subsidiaries, is one of the largest design and construction services companies in the nation. CRSS is also a leader in the independent power and cogeneration industry, with its 81 percent ownership in CRSS Capital.
 CRSS shares are traded on the New York Stock Exchange under the symbol "CRX."
 CRSS INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per share amounts)
 Three months ended Year ended
 June 30, June 30,
 1993 1992 1993 1992
 (unaudited)
 Gross revenues $140,404 $111,911 $546,304 $456,272
 Subcontract and procurement
 costs 74,541 52,882 298,238 213,900
 Operating revenues 65,863 59,029 248,066 242,372
 Costs and expenses 64,354 67,340 244,859 243,542
 Equity income in
 affiliates 2,667 1,162 8,038 5,027
 Operating income (loss) from
 continuing operations 4,176 (7,149) 11,245 3,857
 Interest expense (1,960) (1,999) (7,828) (8,049)
 Non-operating income 540 1,384 3,739 4,108
 Minority interest (83) 20 (1,218) (257)
 Earnings (loss) from continuing
 operations before income
 tax 2,673 (7,744) 5,938 (341)
 Income tax expense
 (benefit) 1,255 (2,618) 2,790 741
 Earnings (loss) from continuing
 operations $ 1,418 $ (5,126) $ 3,148 $ (1,082)
 Earnings (loss) per common
 share from continuing
 operations (A) $ 0.11 $ ( 0.39) $ 0.24 $ ( 0.08)
 Loss from discontinued
 operations -- $(15,399) -- $(16,910)
 Loss per common share from
 discontinued operations (A) -- $ (1.16) -- $ (1.26)
 Cumulative effect of changes in
 accounting principles -- -- $ (8,575) --
 Loss per common share from
 cumulative changes in
 accounting principles -- -- $ (0.65) --
 Net earnings (loss) $ 1,418 $(20,525) $ (5,427) $(17,992)
 Net earnings (loss) per
 common share (A) $ 0.11 $ (1.54) $ (0.41) $ (1.35)
 Weighted average shares
 outstanding 13,038 13,304 13,138 13,369
 Gross revenue backlog $536,633 $465,732
 Operating revenue backlog $190,410 $175,166
 (A) Fully diluted.
 -0- 8/10/93
 /CONTACT: Bruce Wilkinson, 713-552-2324, or Bill Gardiner, 713-552-2160, both of CRSS Inc./
 (CRX) CO: CRSS Inc. ST: Texas IN: SU: ERN


PS -- NY026 -- 1107 08/10/93 10:15 EDT
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Date:Aug 10, 1993
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